Canadian Financial Close: Loonie benefits from U.S. dealmaking
Debt ceiling deal supportive of crude oil as well
Compiled by MarketsFarm
WINNIPEG, May 29 (MarketsFarm) – The Canadian dollar added a little bit of ground on Monday due to the tentative deal reached to raise the United States government’s debt ceiling.
The loonie closed at US$0.7357 or US$1=C$1.3593, compared to Friday’s finish of US$0.7341 or US$1=C$1.3623. On the U.S. Dollar Index, the greenback inched up 0.054 of a point at 104.190.
Benchmark crude oil prices nudged upwards Monday on the optimism from the debt ceiling deal. However that was almost quelled by the U.S. Federal Reserve, as it’s said to be poised for another round of interest rate hikes starting in June.
Brent crude oil tacked on 12 cents at US$77.07 per barrel and West Texas Intermediate (WTI) added 37 cents at US$73.04/barrel.
The TSX Composite Index bumped up 47.64 points on Monday at 19,967.95. The U.S. markets were closed for Memorial Day.
Gold slipped US$1.90 at US$1,961.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.04 at $ 2.14 Farmers Edge Inc. up $ 0.005 at $ 0.19 Linamar Corp. up $ 0.21 at $ 63.72 Maple Leaf Foods up $ 0.01 at $ 25.01 Nutrien Ltd. up $ 0.96 at $ 77.07 Ritchie Bros Auctioneers Inc. up $ 0.47 at $ 73.51
(All figures are in Canadian dollars.)
